Home Equity Loans

Home Equity Loan Details

A Home Equity Loan uses your home as collateral giving you additional cash at a fixed rate, with a fixed number of payments, and a fixed amount borrowed. 

Features and Benefits

  • Competitive fixed interest rates
  • Flexible terms available
  • Potential tax advantages*
  • Make fixed monthly payments of principal and interest
  • Borrow up to 89.9% of the equity in your home (this can be determined by taking the market value of your home minus the outstanding mortgage balance)
  • Available loan amounts from $10,000 to $500,000 (will vary depending on your available equity)
  • Earn a .25% interest rate reduction with automatic payment from a FirstMerit deposit account
  • No application or third-party closing costs

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Subject to credit approval.
* Check with your tax advisor regarding the deductibility of interest.

To apply for a Home Equity Loan, you must:
  • Be 18 years of age or older
  • Reside in OH, MI, WI, western PA, or the Chicago, IL area
  • Have legal ownership rights to a 1-4 family owner-occupied home or condominium